风险投资持续时间的多代理视角:机构、外来和联盟的角色

IF 5.7 2区 管理学 Q1 BUSINESS
Shyamala Sethuram, Markus Taussig, Ajai Gaur
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引用次数: 12

摘要

风险投资公司(vc)必须同时管理与投资者、被投资方、潜在买家和共同投资者之间的一系列关系,这些关系经常对何时应该退出投资产生不同的影响。某一特定关系的权重越大,可能导致风投提前退出一项投资,而不是使该投资的回报最大化。在本研究中,我们利用全球样本来检验风险投资公司的投资期限决策如何受到公司特定因素和环境因素的影响。我们的研究结果表明,当风投缺乏经验、投资于制度挑战更大的东道国,或者是外国投资者并投资于新兴经济体时,他们会更缺乏耐心,退出得更快。重要的是,虽然与其他风险投资公司共同投资在发达经济体增加了耐心,但这种效应在新兴经济体中消失了。代理理论解释了为什么企业通常利用不确定条件所产生的信息优势,将自己的私人利益置于与合作伙伴的共同利益之上。本文引入了一个基于多代理理论的框架来考察影响风险投资公司投资期限的因素。我们的研究基于33个国家的交易样本,结果表明,当东道国的市场机构更先进、风险投资家本身更有经验时,人们会更有耐心。我们发现,只有在新兴经济体中,本地人或来自制度同样具有挑战性的外国,才会增加人们的耐心。重要的是,在发达经济体,与其他风险投资家共同投资会增加人们的耐心,但在新兴经济体,这种效应消失了。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A multiple agency view of venture capital investment duration: The roles of institutions, foreignness, and alliances

Research Summary

Venture capital firms (VCs) must simultaneously manage a range of relationships with investors, investees, prospective buyers, and co-investors who frequently exert divergent influences on when investments should be exited. The greater weight of one particular relationship can lead a VC to exit an investment earlier than would maximize returns for that investment. In this study, we utilize a global sample to examine how VC firms' investment duration decisions are shaped by firm-specific and environmental factors. Our findings suggest that VCs are less patient and exit faster when they have less experience, invest in more institutionally challenged host countries, or are foreign and invested in an emerging economy. Importantly, while co-investing with other VCs increases patience in advanced economies, this effect disappears in emerging economies.

Managerial Summary

Agency theory explains why firms commonly capitalize on information advantages created by conditions of uncertainty to prioritize their own private interests over those shared with partners. This article introduces a framework, based on multiple agency theory, to examine the factors shaping the duration of venture capital firms' investments. Our findings, based on a sample of deals across 33 countries, suggest greater patience when host country market institutions are more advanced and venture capitalists themselves have more experience. In emerging economies only, we find that patience is increased by being local or from a foreign country with similarly challenging institutions. Importantly, while co-investing with other venture capitalists increases patience in advanced economies, this effect disappears in emerging economies.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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